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First he showed me a small industrial park built not long ago by a local businessman. It's got tenants, and the owner has been making his mortgage payments. But when his loan comes due - commercial mortgages generally run three to 10 years, not the 30 that homeowners get - he almost certainly won't be able to refinance because building prices have dropped and lending standards have tightened. Which means he will either have to cough up a lot more up-front cash or lose the property...
...residential real estate bust has been a slow-motion wreck too. (It started in 2006!) But the commercial meltdown will take even longer for two main reasons. One is that while commercial real estate lenders certainly got sloppy during the boom, they didn't go utterly crazy the way their residential peers did. Commercial lenders still demanded down payments and evidence of income. They didn't factor in a 40% decline in prices or the worst economic downturn in 70 years. The housing bust preceded and precipitated the recession. The commercial bust is an aftereffect. (See 25 people to blame...
...TIME has got to be kidding in naming Federal Reserve Chairman Ben Bernanke Person of the Year for 2009 [Dec. 28--Jan. 4]. In my opinion, the benchmark for this title must have been considerably lowered for this man to receive it. The choice of Bernanke is an insult to all the hardworking Americans across this great country who because of the routine miscalculations and failed leadership of this Federal Reserve chairman lost their home, financial investments, retirement account or steady employment through no fault of their...
After driving them eight hours north to Bloemfontein, the recruiter sold them to a Nigerian drug and human-trafficking syndicate in exchange for $120 and crack cocaine. "[The recruiter] said we could find a job," Sindiswa recalled, "but as soon as we got here, she told us, 'No. You have to go into the streets and sell yourselves.' " The buyer, Jude, forced them into prostitution on the streets of central Bloemfontein for 12 straight hours every night. Each morning, he collected their earnings - Sindiswa averaged $40 per night; Elizabeth, $65. Elizabeth tried to escape three times, once absconding for several...
...mother--the idea that as a woman, you don't have any complaints and that you're all sacrifice. We have plenty of complaints; they just take a different form every decade. In 2006 we honored her at the Friars Club. She was 95 at the time and got up and did like a 10-minute set. She was hilarious...